Just as President Trump was heading off to his Mar-a-Lago resort in Florida for the Thanksgiving weekend, his company, the Trump Organization, announced it was severing ties with one of its New York properties.
The Trump SoHo hotel had been plagued for several months by bad press and low occupancy rates. Its premier restaurant on the ground floor closed in June— the restaurant's lawyers said it had struggled since Trump was elected. The Trump name will be erased from the building by the end of the year.
Not far from the SoHo hotel, another Trump building is struggling.
"Recently there's been a drop-off in the resale prices of Trump Tower condos," says Tim O'Brien, the executive editor of Bloomberg View and the author of TrumpNation: The Art of Being the Donald. Trump sued O'Brien for $5 billion for saying Trump was much less wealthy than what he claims; the case was dismissed.
O'Brien says what is interesting is that real estate generally is doing well in New York City, so it's unclear why the prices in Trump Tower have dropped so significantly.
"Some people have attributed it to the fact that people don't want to be in the same building with the Trumps now for a variety of reasons," he says. He notes that it's not necessarily political. "It's just a pain in neck to be in a building where the Secret Service and the New York Police Department are routinely locking down."